CHICAGO — Governor JB Pritzker signed a pension reform bill into law Wednesday.
The bill, SB1300, will consolidate the state’s 649 downstate and suburban police and fire pension funds to increase investment returns and decrease the cost of managing the funds.
This bipartisan pension reform is expected to produce an additional $820 million to $2.5 billion in investment returns. The state believes the law will reduce the reliance on property taxes for funding.
With Gov. Pritzker’s signature, SB1300 is now Public Act 101-0610.